Gold prices in Egypt increase despite global drop
Gold prices in Egypt increased during the past week, with the 21-karat gold jumpng by 100 Egyptian pounds to reach 6,250 pounds. This occurred despite a 0.7% decline in global metal prices, which stood at $4,165 per ounce. This rise reflects the impact of the strengthening US dollar against the Egyptian pound, which increased by 2.2% to reach 53.65 pounds—its highest level since May. The dollar's boost helped support local gold prices and offset the decline in the international price of the ounce. Additionally, geopolitical tensions and rising oil prices close to $110 per barrel increased demand for the dollar, affecting the exchange rate of the US currency and gold prices in the Egyptian market.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)